Electronic income tax refund early payment system

Patent 4890228 Issued on December 26, 1989. Estimated Expiration Date:

January 21, 2008. Estimated Expiration Date is calculated based on simple USPTO term provisions. It does not account for terminal disclaimers, term adjustments, failure to pay maintenance fees, or other factors which might affect the term of a patent.

Abstract Claims Description Full Text

Patent References

Financial data processing system
Patent #: 4321672
Issued on: 03/23/1982
Inventor: Braun , et al.

Securities brokerage-cash management system
Patent #: 4376978
Issued on: 03/15/1983
Inventor: Musmanno

Securities brokerage-cash management system obviating float costs by anticipatory liquidation of short term assets
Patent #: 4597046
Issued on: 06/24/1986
Inventor: Musmanno , et al.

Method and apparatus for benefit and financial communication
Patent #: 4648037
Issued on: 03/03/1987
Inventor: Valentino

Banking/brokerage computer interface system
Patent #: 4694397
Issued on: 09/15/1987
Inventor: Grant , et al.

Data processing methods and apparatus for managing vehicle financing Patent #: 4736294
Issued on: 04/05/1988
Inventor: Gill , et al.

Inventor

Longfield, Ross N.

Assignee

Beneficial Management Corporation of America

Application

No. 146324 filed on 01/21/1988

US Classes:

705/31, Tax preparation or submission705/39Including funds transfer or credit transaction

Examiners

Primary: Smith, Jerry
Assistant: Hayes, Gail O.

Attorney, Agent or Firm

Marple, Jr.; Walter G., Coch; Nicholas L., Kidd; John E.

International Class

G06F 015/21

Claims

I claim:

1. An electronic data processing system for preparing income tax returns and authorizing refund loans comprising:

(a) at least one programmable electronic data processing means for executing programmed arithmetic and logical processes and storing data;

(b) at least one input means for inputting tax preparer data, tax return data and loan application data to said at least one data processing means;

(c) program means executable by said at least one data processing means for processing said tax preparer data and said tax return data and creating electronic tax return data files;

(d) program means executable by said at least one data processing means for processing loan application data and creating deposit/loan account files at an authorized financial institution;

(e) program means executable by said at least one data processing means for processing said tax return data files and said deposit/loan account files and for transmitting electronic tax return data to at least one electronic data processing means contolled by at least one tax collecting authority and for authorizing receipt by said credit institution of electronic funds transfer data from at least one electronic data processing means controlled by at least one tax collecting authority; and

(f) program means executable by said at least one data processing means for processing said tax return data files and said deposit/loan account files and authorizing payment by said financial institution of a tax refund loan amount from said deposit/loan account whereby said payment may be made prior to tax return processing and refund payment by said tax collecting authority.

2. The electronic data processing system of claim 1 wherein said input means includes keyboard input means, visual monitor means, data storage means, data transmission means and programmable data processing means for executing said program means for processing said tax preparer data and said tax return data and transmitting said electronic tax return data files and said loan application data to a remote processing center.

3. The electronic data processing system of claim 2 wherein said remote processing center includes at least one programmable data processing means for executing said program means for processing loan application data and creating deposit/loan account files, for transmitting electronic tax return data to and for authorizing receipt of by said authorized financial institution electronic funds transfer data from, at least one electronic data processing means controlled by at least one tax collecting authority and for executing said program means for processing said tax return data files and said deposit/loan account files and program means for transmitting said files to said authorized financial institution for authorizing payment of a tax refund loan amount from said deposit/loan account whereby said payment may be made prior to tax return processing and refund payment by said tax collecting authority.

4. The electronic data processing system of claim 1 further including means for verifying credit on the basis of said loan application data and said tax return data.

5. The electronic data processing system of claim 1 further including program means for deducting processing fees from said refund loan amount and program means for transmitting at least a part of said fees by electronic funds transfer.

6. The electronic data processing system of claim 1 wherein said refund loan is in the form of a check, issued by the authorized financial institution, which bears the terms of the loan that are accepted upon endorsement.

7. A method of operating at least one programmable electronic data processing machine comprising the programmed steps of:

(a) receiving inputted tax preparer data, tax return data and loan application data;

(b) creating electronic tax return data files from said tax return data;

(c) creating deposit/loan account files related to said tax return data and said loan application data at an authorized financial institution;

(d) transmitting said electronic tax return data files to at least one tax collecting authority;

(e) processing said tax return data files and said deposit/loan account files and authorizing payment by said authorized financial institution from said deposit/loan account files of a tax refund loan amount based on said tax return data prior to completion of tax return processing and refund payment by said tax collecting authority; and

(f) authorizing receipt by said authorized financial institution of tax refund electronic fund transfers, based on said tax return data, from said tax collecting authority.

8. The method of claim 7 further comprising the steps of deducting processing fees from said loan amount and transmitting at least a part of said fees by electronic funds transfer.